Future electricity systems with tight constraints on carbon emissions will rely much more on wind and solar generation, with zero marginal cost, than today. We use capacity expansion modelling of Texas in 2050 to illustrate wholesale price distributions in future energy-only, carbon-constrained...

Constraints on electric power system carbon emissions will make optimal increased reliance on variable renewable energy (VRE, mainly wind and solar generation), which has near zero marginal operating costs. Using capacity expansion modeling of electric power systems in three US regions in...

The final version of this paper will appear as Chapter 6 in the forthcoming MIT Energy Initiative study, The Future of Storage. Chapters referred to in this paper will be included in that study when it is published. In order to illuminate the role of energy storage in future decarbonized...

We consider welfare-optimal investment in and operation of electric power systems with constant returns to scale in multiple available generation and storage technologies under perfect foresight. We extend a number of classic results on generation, derive conditions for investment and operations...